Fiskars: No imminent market recovery in sight - Nordea

Ahead of Fiskars' Q3 report, due on 24 October, we trim our 2024E-26E top line by 1-2% and adjusted EBIT by 2-4%. Cautiousness among US retailers has likely continued, and Chinese demand appears to be softening. In the Nordics, the market is still challenging in Finland, but the company has seen some early signs of demand recovery in Sweden and Denmark. The improving gross margin trend will likely continue, but we expect more material support when demand starts to strengthen. We still believe there is increased risk in the 2024 guidance, and we note the increased importance of Q4 after the acquisition of Georg Jensen. We derive a DCF- and multiples-based fair value range of EUR 14.4-17.9 (15.6-19.4) per share. Marketing material commissioned by Fiskars.

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